LONDON, Sept 19: European stock exchanges had mixed fortunes on Monday, with the London market rising to a four-year high while in Frankfurt share prices fell sharply following the inconclusive outcome to German elections.
Powered by oil issues, the FTSE-100 index here rose 0.40 per cent to 5,429.7, its best performance since August 28, 2001. In Paris the CAC 40 shed 0.08 per cent to close at 4,505.68 while in Frankfurt the DAX plunged 1.21 per cent to 4,926.13.
The Euro Stoxx 50 index of leading eurozone shares gave up 0.31 per cent to end the day at 3,356.28.
US stocks dropped on Monday as investors warily eyed a looming Federal Reserve meeting on interest rates and surging crude oil prices. The Dow Jones Industrial Average was down 76.66 points at 10,565.28 in mid-morning trading. The S and P 500 was down 6.14 points at 1,231.77 and the Nasdaq composite down 11.90 points at 2,148.45.
Worries about the economy tied to higher oil prices weighed on the market, said Michael Metz, chief investment strategist at Oppenheimer and Co.
A weaker-than-expected reading from the University of Michigan’s monthly consumer sentiment survey on Friday suggested that higher oil prices were finally having an impact on consumer thinking, Metz said.
Analysts said traders were also wary ahead of Tuesday’s meeting of the Federal Reserve Open Market Committee.
In London sentiment was supported by the oil sector following reports of a new hurricane threatening areas near the Gulf of Mexico in the United States. —AFP
